In the Union Budget 2014, the Government of India has allocated Rs 7,060 crore (USD 1.17 billion approx) for the development of 100 smart cities and modernization of satellite towns in the country.
The smart city projects are expected to address the issue of burgeoning pressure on limited resources of land, water, roads, sewerage systems, power and other amenities in the existing cities, according to JC Sharma, VC and MD, Sobha Developers.
Sharma added that allocation of Rs.7060 crores for developing 100 smart cities as satellite towns of larger cities is a welcome step and is the right way to develop cities of tomorrow.
Meanwhile Koichiro Koide, MD, NEC India, said the smart city and renewable energy initiatives will promote investments in use of modern technology, making Indian cities smarter and safer.